VERTICE analysis by a noob. For references only.

Edit 1 (25 Feb 2021): Q3 2021 QR repotr released. Revenue increase 3.7 times from 5.8m to 21.9m QoQ. QR loss RM4.4m, mainly due to one-off recognition of loss of fashion retail segment RM3.4m and finance cost incurred of RM0.5m, normalising actual loss to only RM0.5m. NTA RM0.43. PMIP bypass projection to complete in 48 months instead.
No big change in fundamentals of company other than operations stopped during pandemic. Outstanding orderbook 900+mill.

Penang Mega Infrastructure Project (PMIP) company responsible for bypass from Bandar Baru Ayer Hitam to Lebuhraya Tun Dr Lim Chong Eu, worth RM815m, projected to be completed in 36 months. Construction operations resume early this month.

LRT 3 from Bandar Utama to Johan Setia, worth RM100m, company involve in precast viaduct and other related works.

Construction segment is profitable before pandemic, during pandemic incur loss due to operations halt. Fashion retail business VOIR gallery contribute most to revenue but incur most loss as well, already sold off on 24/12/2020 so expecting improvement in company results in foreseeable future, possible to turn into profit making.

At least 40% shares held by substantial shareholders and directors, and market cap is small so remaining share float easy to be controlled by shark.

Pre-pandemic price 70c+. I believe directors also won't be happy their holdings value down so much from pre-pandemic. NTA 45c. I believe this stock is very undervalued. Worth to invest for mid to long term but high risk high reward. No buy/sell recommendation, TAYOR.